Lawrence Damilola
Japanese investment firm Metaplanet announced on Monday that it has added 108.78 Bitcoin to its holdings, purchasing the cryptocurrency for 1 billion yen ($6.7 million). This acquisition increases the company’s total Bitcoin holdings to 639.5 BTC, valued at approximately 5.96 billion yen ($40 million).
*Metaplanet purchases additional 108.78 $BTC* pic.twitter.com/Pz2AHupm1T
— Metaplanet Inc. (@Metaplanet_JP) October 7, 2024
Metaplanet has been following an aggressive Bitcoin acquisition strategy, similar to that of U.S. company MicroStrategy. The firm has been purchasing Bitcoin as part of a corporate treasury management plan, a shift aimed at addressing economic challenges in Japan, such as negative interest rates and quantitative easing. Since adopting this Bitcoin-focused strategy, the company has seen a surge in its stock value, signaling strong investor interest in its approach.
Last week, Metaplanet made another Bitcoin purchase as the crypto market entered the fourth quarter with optimism. Shortly after, the company reported earning 23.9 Bitcoin ($1.4 million) by selling 223 Bitcoin put options to Singapore-based QCP Capital. This transaction allowed the firm to benefit from Bitcoin’s price volatility while maintaining a fully cash-backed position.
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In addition to expanding its Bitcoin holdings, Metaplanet partnered with SBI VC Trade, a subsidiary of the SBI Group. This partnership focuses on corporate custody services for digital assets, including Bitcoin, and aims to ensure compliance with tax regulations. The collaboration is intended to streamline the management of its digital assets.
The company has also been raising capital through stock acquisition rights, planning to use the funds for additional Bitcoin purchases or other digital asset opportunities. The firm’s consistent investments in Bitcoin align with its overall strategy of focusing on digital currencies to manage its treasury.
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LAWRENCE
Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.
